Measures of Dispersion — Economics STD 11 Commerce — Question

The following results are obtained regarding two series. Compute coefficient of correlation:

	X-series	Y-series
No. of items	15	15
Arithmetic Mean	25	18
Standerd Devation	3.01	3.03

Sum of products of deviations of X and Y series from their respective mean is 122.

The following table gives the marginal product schedule of labour. It is also given that total product of labour is zero at zero level of employment. Calculate the total and average product schedules of labour.

L	1	2	3	4	5	6
MP<sub>L</sub>	3	5	7	5	3	1

How is production possibility frontier affected when resources are inefficiently employed in an economy?

(i) Price of the commodity-X falls from ₹5 per kg to ₹4 per kg and the demand of consumer A for it rises from 4 kg to 6 kg. Express your opinion regarding the nature of elasticity of demand of commodity-X.
(ii) If there is no change in the quantity demanded of commodity-X, what will be the nature of the price elasticity of demand?

How does an increase in the number of firms in a market affect the market supply curve?

What are statistical methods? Name the various statistical methods.

Would a consumer equate price of a commodity with total utility or marginal utility? Give reason in support of your answer.

What is meant by Consumer Price Index? Explain any two uses of Consumer Price Index (CPI).